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#1

Posted 25 June 2012 - 05:36 PM

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Anyone done it yet and have FR? Thot last time some banks said cannot be done.....

http://www.ocbc.com....Autoloan_180612

#2

Posted 25 June 2012 - 10:21 PM

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I did it once before long time back think 7-8 yrs ago with citibk.

#3

Posted 26 June 2012 - 11:24 AM

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Currently most car loan are 1.88% fix all the way. Why would one need to refinance?

Plus OCBC put "Depending on your loan tenor, OCBC Car Loan Refinancing Promotion EIR ranges from 3.08% to 3.25%."

What is the point?

#4

Posted 26 June 2012 - 12:45 PM

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Currently most car loan are 1.88% fix all the way. Why would one need to refinance?

Plus OCBC put "Depending on your loan tenor, OCBC Car Loan Refinancing Promotion EIR ranges from 3.08% to 3.25%."

What is the point?


this offer is at 1.6% bro.. see carefully... based on 1.6%, the EIR is about 3.2%

for 1.88%, the EIR is actually about 3.7%. furthermore those who bot cars earlier would be at >2% so worth it to re-finance in the long run

#5

Posted 26 June 2012 - 12:54 PM

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Currently most car loan are 1.88% fix all the way. Why would one need to refinance?

Plus OCBC put "Depending on your loan tenor, OCBC Car Loan Refinancing Promotion EIR ranges from 3.08% to 3.25%."

What is the point?


People who need cash can consider refinancing car, anytime better than applying a personal loan.
"Bo tai bo chi" (for no reason) who will want to refinance their car? Itchy backside ?

#6

Posted 26 June 2012 - 01:47 PM

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refinance only applies to cars less than 3 yrs old right? Correct me if im wrong.

#7

Posted 26 June 2012 - 04:24 PM

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this offer is at 1.6% bro.. see carefully... based on 1.6%, the EIR is about 3.2%

for 1.88%, the EIR is actually about 3.7%. furthermore those who bot cars earlier would be at >2% so worth it to re-finance in the long run


i tot of refinancing my car loan to take advantage of the low interest rate now....
but i have to double chk my current interest rate,
also need to take into consideration the early repayment penalty how much....
if its the same or few 2-3 hundreds diff, den no point lar...

I am Banned but I am not banned

#8

Posted 26 June 2012 - 04:26 PM

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refinance only applies to cars less than 3 yrs old right? Correct me if im wrong.


i think 3 years refer to the minimum loan period

Edited by Ericongy, 26 June 2012 - 04:27 PM.

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#9

Posted 26 June 2012 - 06:19 PM

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can someone explain by the term of refinancing?

Take me for example, i own a Chery t11 July 2010.......10yr loan with Maybank....each mth 320 installment

Now if i do refinance, what does it helps?

#10

Posted 26 June 2012 - 07:58 PM

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can someone explain by the term of refinancing?

Take me for example, i own a Chery t11 July 2010.......10yr loan with Maybank....each mth 320 installment

Now if i do refinance, what does it helps?


ur monthly repayment amount will be lesser.but u need to check your full settlement amount first and then enquire from the new finance company on how to go about it. personally i have not done refinance before. So i would also like to hear from some of the bros who have experience in it for further advise.


#11

Posted 27 June 2012 - 09:43 AM

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can someone explain by the term of refinancing?

Take me for example, i own a Chery t11 July 2010.......10yr loan with Maybank....each mth 320 installment

Now if i do refinance, what does it helps?


what is your current interest rate?
and what is the penalty if you early settlement your current loan?

#12

Posted 27 June 2012 - 10:35 AM

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From my experience with refinancing my car loan back in 2003/4 with Citibank, Citibank will help to request full settlement amount for you and work out whether it is worth it to do a refinance or not. If may choose to opt out if it's not worth it. Not sure about the current OCBC though.

#13

Posted 27 June 2012 - 10:41 AM

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It is useless due to the nature of car loans. You are effectively penalized when you redeem a car loan early (regardless of the nice sounding rebate term used).

So let's say if you take up a 10 year loan and decide to "re-finance" it 3 years in, you effectively paying at a much higher rate for the "3 years" that you were with them (calculate it yourself via total amount paid versus initial loan over the 3 years). And you sign on for another 7 years with another bank.

The first bank will be thanking you and the second bank will laugh at you again when you redeem it again a few years later.

If you have to take a loan, regardless of amount, the idea is to take if just for the period that you will be driving for. Be it 2, 3 or 5 years.
Who ate the peanut?

#14

Posted 27 June 2012 - 01:28 PM

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just a question, can refinance be done with cars more than 3 yrs old and above?

#15

Posted 27 June 2012 - 01:41 PM

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Bank may not want to finance your cherry T11 or if they refinance 70% of car price only or less.

#16

Posted 27 June 2012 - 02:12 PM

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i have signed 3.5% with sales price slashed 3 yrs ago in hope i get a refinance, but haha...they like to refinance loan outstanding more than 100k, so my loan is minimum sum, so confirm no refinance... well..will pay in full next time i buy a car...haha siao har!...ya..pay every month..cannot sleep...u forget then got penalty...haha..no 5-10k at 1.68 or 1.88%..so dun dream okie...i realised already... if you buy 400k car...they will be glad to refinance your car..same like a house....make it 100k up...u know la...

#17

Posted 02 July 2012 - 12:26 AM

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How much is to refinance a car loan? Is it the same as normal car loan?

#18

Posted 02 July 2012 - 12:26 AM

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How much is to refinance a car loan? Is it the same as normal car loan?

http://www.loans-por...-finance-a-car/

Edited by Ezz11, 02 July 2012 - 12:28 AM.


#19

Posted 02 July 2012 - 12:58 AM

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qns shld be..what is the minimum amount to refinance the car...and how long shld the refinance period be allowed to stretched...? if never pay will get bankrupt easily...? and how graceful is the late payment date from due date...? then if can...which insurance agency got tied up or not..? any other hidden f clauses...?more advice from repossessing car...where to pay....? company call toll? then if dun pay how...hahaha...yah..i all kanna before..except the first 2 lines one..i want to know .can help? then if no pay then the new interest rate or shark rate or like previously stuck there like a gentleman...banker is banker not gentleman...be warned...hahahaha...no pay also not gentleman...fair and round..2012 no more square....

#20

Posted 28 September 2012 - 05:45 PM

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Might not be worthwhile to refinance though. Must check if got any early repayment penalties, admin fees, legal costs etc. Then at the end, the 'savings' won't really be savings anymore after all the costs. I'm pretty happy with my dbs car loan of 1.88%. No need to refinance.


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